BEIJING, Nov. 14, 2012 /PRNewswire/ -- Ninetowns Internet
Technology Group Company Limited (NASDAQ: NINE) ("Ninetowns" or the
"Company"), one of China's leading
providers of online solutions for international trade, today
announced that the Special Committee of its Board of Directors (the
"Special Committee"), formed to consider a proposal from certain
directors and officers of the Company, including Mr. Shuang Wang, Ms. Min
Dong, Mr. Xiaoguang Ren, Mr.
Kin Fai Ng, Mr. Bolin Wu, Mr. Zhonghai
Xu and Mr. Tommy Siu Lun Fork (together, the "Consortium
Members"), to acquire all of the outstanding ordinary shares of the
Company not currently owned, legally or beneficially, by the
Consortium Members in a "going private" transaction (the "Proposed
Transaction"), has retained Piper
Jaffray & Co. as its financial advisor, Latham &
Watkins LLP as its United States
legal counsel and Maples and Calder as its Cayman Islands legal counsel to assist the
Special Committee in its work.
The Special Committee is continuing its evaluation of the
Proposed Transaction. There can be no assurance that any
definitive offer will be made, that any agreement will be executed
or that this or any other transaction will be approved or
consummated. The Company does not undertake any obligation to
provide any updates with respect to the Proposed Transaction or any
other transaction, except as required under applicable law.
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
Certain statements in this press release include forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
can be identified by the use of forward-looking terminology, such
as "may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "project" or "continue" or the negative thereof or other
similar words. All forward-looking statements involve risks and
uncertainties, including, but not limited to, customer acceptance
and market share gains; competition from companies that have
greater financial resources; introduction of new products into the
marketplace by competitors; successful product development;
dependence on significant customers; the ability to recruit and
retain quality employees as the Company grows; and economic and
political conditions globally. Actual results may differ materially
from those discussed in, or implied by, the forward-looking
statements. The forward-looking statements speak only as of the
date of this release and the Company assumes no duty to update them
to reflect new, changing or unanticipated events or
circumstances.
ABOUT NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY
LIMITED
Ninetowns (NASDAQ: NINE) is a leading provider of online
solutions for international trade, with its key services in
automating import/export e-filing. Ninetowns has been listed on the
NASDAQ Stock Exchange since December
2004 under the symbol "NINE". More information can be found
at ir.ninetowns.com.
Contacts:
Investor Relations (Beijing)
Daisy Wang
IR Manager
Ninetowns Internet Technology Group Company Limited
+86 (10) 6589-9904
daisywang@ninetowns.com
Investor Relations (Hong
Kong)
Mahmoud Siddig
Managing Director
Taylor Rafferty
+852 3196-3712
ninetowns@taylor-rafferty.com
SOURCE Ninetowns Internet Technology Group Company Limited
